Tuesday, 25 April 2017

[Gaposa Education]: ECONOMICS ANSWER 2017

ECONOMICS OBJ:1-10 BABBCBABBB11-20 CCBBAABABA21-30 DCCDABADBC31-40 DDBBAADBAD41-50 BCCACCBBBC==============°°SECTION A°°Q1)Tabule formPrice:-450 ,500Weekly sales:- 800, 600Ai)% change in demand= (800-600)*100———-800=200/800*100%=25%%change in price=500-450*100%——————450=50/450*100%=11.11%% elasiticy of demand =%change in demand /%change in price=25%/11.11%=2.25%1c There is a fall in total weeklyrevenue due to an increase inprice1D)i close substitute of a. ii the extent of the necessityof the commodity===========================CLICK HERE TO VIEW (NO2a In Table In IMage)CLICK HERE TO VIEW (NO2b Image Continuation)2a)Qd =30 – PQs =15 +2PDemand and Supply schedule for the market :Please tabulatePrice($): 2,4,7Qd :28,26,23Qs : 19,23,29Qd = 30 – P when P =2Qd = 30 -2 =28Qd = 30 – P when P=4Qd = 30 -4 =26Qd = 30 – P when P=7Qd = 30 -7 = 23tabulate again supply schedulePlease tabulatePrice($): 2,4,7Qd :28,26,23Qs : 19,23,29Qs = 15 + 2P when P=2Qs = 15 + 2(2)= 15 + 4 = 19Qs = 15 + 2P when P=4Qs = 15 + 2(4)= 15 + 8 = 23Qs = 15 + 2P when P=7Qs = 15 + 2(7)= 15 + 14 =292bi)Equilibrium quantityQd = 30 – PQd = 30 – 5Qd = 252bii)At P=$3Qd=30-pQd=30-3Qs=15+2p=15+2(3)=15+6=21applesexcess demand =27-21=6apples2ci)TabulateQd=40-pPrice($): 2,4,7Qd :38,36,332cii)i)it represent an increase in demand2ciii)i)the two schedules show that there is acorresponding increase in demand for apples forten (10) at each price============°°SECTION B (Answer 3 Only°°3a)Land is any natural resource used to produce goodsand services. This includes not just land, butanything that comes from the land3b)i)Land is a Primary Factor of Productionii)Land is a Passive Factor of Productioniii)Land has some Original Indestructible Powers3c)i)Land is the original sources of all materialwealth: The economic prosperity of a country isclosely linked with the richness of her naturalresources.ii)The quality and quantity of agricultural wealth acountry depends on nature of soil, climate, rainfall.The agricultural products are the form the basis oftrade and industry.iii)Industry also depends upon availability rawmaterials and sources of power e.g coal-mines orwaterfall for electricity product which are gottenfrom soil.iv)Land provides employment : land help people ofa citizen to get jobs such as farming, fishing,lumbering among others and this help to develop anation==================4a)subsistence farming can be defined as the type ofagriculture which is concerned with the productionif food for the farmer and family only4b)crop farming can be defined as an agriculturewhich deal with crop cash production e. G cocoa,cashew, cowoea.WHILE livestock farming can be defined as therearing of domestic animals e. G pig, fish etc4c)i)Credit facilitiesii)Extension of workersiii)Construction of good roadiv)provision of social ameninites=======================6a)Inflation is the rate at which the general level ofprices for goods and services is rising and,consequently, the purchasing power of currency isfalling.6bi)i)growing economyii)expectation of inflationiii)discretionary fiscal6bii)i)monopolyii)wage inflationiii)exchange rates==============7a) Economic development can be defined asefforts that seek to improve the economic well-being and quality of life for a community7b) -dependency on agricultural sector-illiteracy-production for self-consumption7c)-Currency StrengthThe value of the U.S. dollar compared to otherforeign currencies such as the yuan, yen and thepound is important even for companies that do notimport or export goods. Consumers have a choiceto purchase goods or services originating in theUnited States or in other countries. If the U.S.dollar strengthens, companies in the industry thatpurchase inputs from other countries are able tobe more competitive in pricing. In industries thatare heavily reliant on foreign raw materials andprocessing, such as the clothing industry, theentire sector can be lifted or depressed with astrengthening or weakening of the dollar.-Government InterventionMany industries are regulated by the governmentin one form or another. Government agencies suchas the –Environmental Protection Agency, theFood & Drug Administration or the U.S.Department of Agriculture maintain standards thatall operators in an industry must follow for thesafety of consumers, employees, or naturalresources. Some industries are more heavilyregulated than others and new laws and rules canshake up an entire industry and depress growth.For example, new child toy safety lawsimplemented under the Consumer Product SafetyImprovement Act in 2009 threatened to wipe outmany small toy producers as the requirements totest and certify the toys were cost-prohibitive toall but large toy manufacturers. Proposed changesto the Act may help alleviate the burden on smallmanufacturers and resellers.-Environmental ImpactEconomic growth in an industry can be impactednot only by the environmental effect the productsor services have but also by consumers’perceptions of that impact. For example, themarket for fur apparel declined drastically over thecourse of a few years in the 1990s whenconsumers perceived that raising and killing smallanimals for their fur was both inhumane and a pooruse of land. Although the industry is once againpicking up with international demand, the numberof fur farmers in the country has substantiallydeclined. If the public views an industry’s productsor services as being harmful or unsafe, mostcompanies within the sector can experience amarked decline in sales quickly.-Overall Economic HealthThe economic state of the countryconfidence can also spur growth and developmentor harm it. In recessionary times, consumers beginlimiting their purchases to the essentials,foregoing luxury or big-ticket items. Companiesalso scale back production, hiring and thedevelopment of new products and services toensure that their finances can weather the storm.In periods of overall economic growth, thesecompanies once again expand.8ai)- Increased exports.-Make use of surplus raw materials.8aii) -Restrictions on immigration– cross-border investment are abolished.8b) A common market, or single market, haveadvantages including consumers have more choiceand lower prices.Disadvantages of the common market include thatmonopolies may be formed.

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Onabanjo Toheeb O. also known as TOY is a Nigerian internet entrepreneur and blogger,writer, Modelling Agent, web designer, software developer, who was born in Nigeria.
He is a memeber of THE BRAINY WORLD ENTERTAINMENT And founder of a popular internet blog Called Toywap Which was launched in 2016, Toywap is an infotainment Site. Toywap is known for it’s music, news and gossip posts Entertainment, Educational News,Modelling etc.

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About Me

TOY is a Nigerian internet entrepreneur and blogger,writer, Modelling Agent, web designer, software developer, who was born in Nigeria.
He is a memeber of THE BRAINY WORLD ENTERTAINMENT And founder of a popular internet blog Called Toywap Which was launched in 2016, Toywap is an infotainment Site. Toywap is known for it’s music, news and gossip posts Entertainment, Educational News,Modelling etc.. Learn More →